Damac signs USD165m contracts in Qatar

14 Apr 2011

(MENAFN) Damac Properties’ senior vice president, Niall McLoughlin, said that the Dubai based company signed USD165 million contracts with Draieh Contracting so that the latter would construct three projects in Qatar, reported Arabian Business.

McLoughlin said that the three projects are the 20 storey mixed-use tower, Business Square, and the low-rise residential and office developments, the Piazza 1 and Piazza 2, and the three would be built in Lusail City.

He added that investment opportunities in Qatar are increasing due to the World Cup that would be held in the country in 2022, and property’s sector would witness a significant raise.

It is worth noting that the government of Qatar would start major infrastructure works including a new metro and light rail system, a new port, up to 65,000 new hotel rooms, new expressways, nine new football stadiums, the refurbishment of three existing stadiums and a new causeway linking Qatar with Bahrain.

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